The Bitcoin Storm
Hey All! I am back from a bit of vacation time and WOW did a lot happen within the bitcoin community while I was gone.
We had the bitcoin gold hardfork which was a complete flop and not supported which caused a very small dump from $6000 down to $5,300 about and now has recovered to a $7,000 and holding above it steady here for almost the last 24 hours.
Segwit2x is on the way and is a little confusing this time around as it is a unique hard fork unlike bitcoin cash and bitcoin gold. Even major exchanges are supporting this one such as Coinbase which is going to be a very interesting mid November to see how this all plays out.
What Is Fueling The Market
Every few weeks I like to backtrack at past news and future things that should be happening to bitcoin to gauge why markets are doing what they are doing and see what direction we could be heading.
Bitcoin is now almost in the clear in terms of hard forks and updates after Segwit2x I know of no more hardforks or attempts to improve bitcoins block chain. After mid November we are going to have a much better idea of what is in store for bitcoin and where we are truly headed.
There also still has been much talk about opening bitcoin up into stock markets. While all the news I have read so far pushes back on this ever being possible it still seems as if some countries outside of the USA are making it possible. Doing so will allow USA and outside countries to invest into these oversea stock markets allowing for massive adoption of stock money into bitcoin which could easily shot bitcoin into the $20,000 + mark in 2018.
I still feel we need to wait and see what happens here in November with Segwit2x to get a better picture of how the future for bitcoin looks. But so far adoption of bitcoin is becoming higher then ever and I see this continuing into 2018 as long as one of these hard forks does not screw things up.
You bring up some very good points.
The Wall Street money is just starting to gear up. I think once the spigot is turned on, all hell is going to break loose in the crypto world. Even if the US doesnt approve it, there will be exchanges that take the Wall Street money. The 70+ hedge funds opened up will get involved somewhere.
2018 is going to be a huge ride for BTC....and steem too.
Good to see you back @bitcoinflood.
Exactly, many investor in the USA invest money into exchanges outside of the USA thus if any other countries start to open it up that starts to make entry points to bitcoin which will start to push in that 80 trillion dollars of money into it. Just 1 trillion market cap would lad us at about $50,000 per bitcoin and I now honestly see that being possible sooner then 2024 or 2020 as many predicted. I see it as being even possible in 2018 now that we crushed the 5k projection for 2017 easily.
My view is there will be $2T-$3T entering this market over the next 3 years. Of that, I would not be surprised to see BTC get 1/3-1/2 of it....it has the name and, more importantly, the liquidity big money players require.
So yes, I agree, the $50K can be hit long before the 2024 date...even before 2020. If the current pace of doubling is maintained, roughly every 9 months, you will see it in a couple years.
img credz: pixabay.com
Nice, you got a 4.0% @minnowbooster upgoat, thanks to @bitcoinflood
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @bitcoinflood to be original material and upvoted(2%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
i hope that segwit2x will result good impression on bitcoin followers, best of luck
It's going to be iffy Ill be digging into segwit2x this week to get as many details as possible to see how best to plan for it but I believe Segwit2x is supported by miners and not bitcoins main dev team and its main goal is to overthrow bitcoins core blockchain and not hardfork.
thanks to make it clear.
There is no demand supply of Cryptocurrency nor there is any regulator to manage. Then what makes it rising. Who is Speculating. Bubble may burst sooner or later.
Thank you for your sharing
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
This post has received a 0.39 % upvote from @drotto thanks to: @banjo.
I guess BTC will hit $10K before the end of this year.
Yup I think we will see it but it depends on how segwit2x goes here.
@bitcoinflood Thanks for Sharing Your thoughts :)
Hello bitcoinflood, I am a simple vote scheduling service for randowhale so that you can always catch it awake and get an upvote from them. For a full description of how to use me, check out my guide post.